Following is the November, 30, 2020 unadjusted trial balance of Zenith Delivery Company, Inc. The account...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Following is the November, 30, 2020 unadjusted trial balance of Zenith Delivery Company, Inc. The account balances represent the results of entries recorded during the first 11 months of 2020. There have been no stock transactions during the year. Zenith Delivery Company, Inc. Unadjusted Trial Balance November 30, 2020 ACCT# DEBITS CREDITS Cash Accourts Receivable Office Supplies Prepaid Rent Prepaid Insurance Trucks Accumulated Depreciation Trucks Accourts Payable Interest Payable Wages Pavable Unearned Delvery Fees Long-Term Notes Payable Common Stock, No-Par Retained Earnings Dividends Delivery Fees Eamed Depreciation Expense, Trucks Wages Expense Interest Expense Rent Expanse Insurance Expense Office Supplies Expense Advertising Expense Truck Repair/Gas Expense General and Administrative Expense Income Summary 101 125 126 127 128 150 151 201 202 203 69.660 4.600 730 1,200 6,500 295.000 115.000 1,300 213 230 301 302 390 1.600 128,000 20,000 42.000 15,000 401 180,000 510 520 521 522 523 524 525 526 527 901 38,800 4.800 38.940 14.670 $487.900 $ 487.900 The following transactions occurred during the month of December 2020: Dec. 03 Paid accounts payable of $350. Paid insurance premiums of $9,200 in advance (use permanent account). Received $90 as advance payment of delivery service (use permanent account). 9 Billed and collected S6,320 in cash from delivery fees. 10 11 Purchased $920 of office supplies on account. Acquired a truck worth $42,000 by paying $7,400 in cash and giving a long-term note payable for the balance. 15 Paid wages of $2,200 for the period December 1-15. 16 Collected $2,450 of accounts receivable. Paid $1,460 cash for repairs to trucks, Paid $1,700 cash for advertising on a local television station. Paid wages of $1,800 for the period December 16-28. Billed and collected $3,900 in cash from delivery fees. Declared and paid dividends in the amount of S1,200. 17 21 28 29 31 REQUIRED 1. Enter the November 30, 2020 account balances into the general ledger accounts. Prepare and post jourmal entries to record the December transactions previously listed. Entries should be in full format (refer to Illustration 3.8 in Kieso). Use the "Excel templates provided for the General Journal and Ledger. 2. Prepare a 10-colunin worksheet (a template is provided) and enter the December 31 unadjusted balances from the general ledger (refer to Appendix 3C in Kieso). Prepare and post adjusting entries for the following items, and complete the worksheet: 3. a. Unpaid wages were $420 as of December 31. b. The December 31 office supplies inventory was S80. c. The unexpired portion of the prepaid rent was S600 as of December 31. d. The unexpired portion of the prepaid insurance was $4,070 as of Decenber 31. 1 e. Depreciation for the year on the trucks was $27,440. f Unearned delivery fees balance at December 31 was $375. g. Interest Expense on the notes payable for 2020 was $31,000, payable February 1, 2021. Prepare a single-step income statement and a statement of changes in retained earmings for the year, and a classified balance sheet as of December 31, 2020 in proper format. Assume that Zenith had 10,000 common shares outstanding in 2020. Attach these pages to your assignment. 4. 5. Journalize and post the closing entries. 6. Prepare a post-closing trial balance on a separate page. O Uday Chandra 3 Following is the November, 30, 2020 unadjusted trial balance of Zenith Delivery Company, Inc. The account balances represent the results of entries recorded during the first 11 months of 2020. There have been no stock transactions during the year. Zenith Delivery Company, Inc. Unadjusted Trial Balance November 30, 2020 ACCT# DEBITS CREDITS Cash Accourts Receivable Office Supplies Prepaid Rent Prepaid Insurance Trucks Accumulated Depreciation Trucks Accourts Payable Interest Payable Wages Pavable Unearned Delvery Fees Long-Term Notes Payable Common Stock, No-Par Retained Earnings Dividends Delivery Fees Eamed Depreciation Expense, Trucks Wages Expense Interest Expense Rent Expanse Insurance Expense Office Supplies Expense Advertising Expense Truck Repair/Gas Expense General and Administrative Expense Income Summary 101 125 126 127 128 150 151 201 202 203 69.660 4.600 730 1,200 6,500 295.000 115.000 1,300 213 230 301 302 390 1.600 128,000 20,000 42.000 15,000 401 180,000 510 520 521 522 523 524 525 526 527 901 38,800 4.800 38.940 14.670 $487.900 $ 487.900 The following transactions occurred during the month of December 2020: Dec. 03 Paid accounts payable of $350. Paid insurance premiums of $9,200 in advance (use permanent account). Received $90 as advance payment of delivery service (use permanent account). 9 Billed and collected S6,320 in cash from delivery fees. 10 11 Purchased $920 of office supplies on account. Acquired a truck worth $42,000 by paying $7,400 in cash and giving a long-term note payable for the balance. 15 Paid wages of $2,200 for the period December 1-15. 16 Collected $2,450 of accounts receivable. Paid $1,460 cash for repairs to trucks, Paid $1,700 cash for advertising on a local television station. Paid wages of $1,800 for the period December 16-28. Billed and collected $3,900 in cash from delivery fees. Declared and paid dividends in the amount of S1,200. 17 21 28 29 31 REQUIRED 1. Enter the November 30, 2020 account balances into the general ledger accounts. Prepare and post jourmal entries to record the December transactions previously listed. Entries should be in full format (refer to Illustration 3.8 in Kieso). Use the "Excel templates provided for the General Journal and Ledger. 2. Prepare a 10-colunin worksheet (a template is provided) and enter the December 31 unadjusted balances from the general ledger (refer to Appendix 3C in Kieso). Prepare and post adjusting entries for the following items, and complete the worksheet: 3. a. Unpaid wages were $420 as of December 31. b. The December 31 office supplies inventory was S80. c. The unexpired portion of the prepaid rent was S600 as of December 31. d. The unexpired portion of the prepaid insurance was $4,070 as of Decenber 31. 1 e. Depreciation for the year on the trucks was $27,440. f Unearned delivery fees balance at December 31 was $375. g. Interest Expense on the notes payable for 2020 was $31,000, payable February 1, 2021. Prepare a single-step income statement and a statement of changes in retained earmings for the year, and a classified balance sheet as of December 31, 2020 in proper format. Assume that Zenith had 10,000 common shares outstanding in 2020. Attach these pages to your assignment. 4. 5. Journalize and post the closing entries. 6. Prepare a post-closing trial balance on a separate page. O Uday Chandra 3
Expert Answer:
Answer rating: 100% (QA)
Zenith Delivery Company Inc Journal Enteries Trans Particulars Debit in Cre... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
The following preliminary unadjusted trial balance of Nevada-For-You Co., a sports ticket agency, does not balance: When the ledger and other records are reviewed, you discover the following: (1) the...
-
The following preliminary unadjusted trial balance of Seats-For-You Co, a sports ticket agency, does not balance: When the ledger and other records are reviewed, you discover the following: (1) the...
-
The following preliminary unadjusted trial balance of Awesome Co., a sports ticket agency, does not balance: When the ledger and other records are reviewed, you discover the following: (1) The debits...
-
Which of the following pairs of steps in the programming process is in the correct order? a. Code the program, plan the logic b. Test the program, translate it into machine language c. Put the...
-
Determine the upper-tail critical values of F in each of the following two-tail tests. a. = 0.10, n1 = 16, n2 = 21 b. = 0.05, n1 = 16, n2 = 21 c. = 0.01, n1 = 16, n2 = 21
-
In Exercises determine the convergence or divergence of the sequence with the given nth term. If the sequence converges, find its limit. an 10n + 3n+ 7 2n - 6
-
The disc shown in Fig. P6.81 has a diameter \(D\) of \(1 \mathrm{~m}\) and a rotational speed of \(1800 \mathrm{rpm}\). It is positioned \(4 \mathrm{~mm}\) from a solid boundary. The gap is filled...
-
Assume that a U.S. company has a French subsidiary whose functional currency is the euro. Explain why the translation adjustment is not included as a component of net income on the consolidated...
-
How do these strengths enable the firm to meet customers' needs? How do these strengths differentiate the firm from its competitors? B. Weaknesses Weakness 1 Weakness 2 How do these weaknesses...
-
A 10 cm long perfectly conducting wire PQ is moving with a velocity 1 cm/s on a pair of horizontal rails of zero resistance. One side of the rails is connected to an inductor L = 1 mH and a...
-
You have $100,000 to donate to your college. You want to endow a perpetual scholarship that makes its first payment in 1 year. If the colleges discount rate is 4%, how large will the annual...
-
Natasha Kingery is 30 years old and has a Bachelor of Science degree in computer science. She is currently employed as a Tier 2 field service representative for a telephony corporation located in...
-
This exercise describes the inverse Chebyshev approximation. The attenuation function of a lowpass inverse Chebyshev filter is characterized as \[\begin{aligned}\left|A\left(\mathrm{j}...
-
Ramanujans taxi. Srinivasa Ramanujan was an Indian mathematician who became famous for his intuition for numbers. When the English mathematician G. H. Hardy came to visit him one day, Hardy remarked...
-
The 5 region of the TPP riboswitch in Bacillus subtilis is very similar to the TPP riboswitch in E. coli. However, the riboswitch in B. subtilis regulates transcription, whereas the one in E.coli...
-
What is the value of 23724
-
What is your opinion of advertising awards, such as the Cannes Lions, that are based solely on creativity? If you were a marketer looking for an agency, would you take these creative awards into...
-
Product A has a unit contribution margin of $45. Product B has a unit contribution margin of $60. Product A requires three testing hours, while Product B requires five testing hours. Determine the...
-
Guardian Security Services was established on August 15, 2010, to provide security services. The services provided during the remainder of the month are listed below. Aug. 18. Issued Invoice No. 1 to...
-
The comparative balance sheet of Amelia Enterprises, Inc. at December 31, 2010 and 2009, is as follows: Additional data obtained from the income statement and from an examination of the accounts in...
-
Analogy approach makes people end up building templates rather than building patterns. Explain.
-
Explain the concept behind constructing analysis pattern by using stability approach.
-
What are the advantages of using stability approach over direct and analogy approach?
Study smarter with the SolutionInn App